What Happened in the Crypto Industry & NOBI Over The Last Week?

Hi NOBI’s! This third week of September, the crypto industry is filled with surprising news, bringing about tons of market events that might affect price movements. Vasil upgrade, Cardano’s historic agenda, has officially launched. In addition, another one also came from the giant company MicroStrategy which recently bought up 301 BTC at the the dip! Then, what else? Let’s take a look at what’s new and interesting we have for you!

1. Ethereum Gas Fee Down 93 Percent! The Merge’s Effect?

After completing The Merge agenda, Ethereum was observed to have decreased transfer fees by 93 percent. The Merge itself is a protocol transition from Proof of Work to Proof of Stake. According to data, the decline in gas fees began to occur on September 15, right after Ethereum made the transition to The Merge.

According to the crypto mining gas data tracking platform, etherscan.io, on Saturday (17/9/2022) transaction fees fell to 0.18 US dollars per transaction. That means, it dropped drastically when compared to the Ether transaction on May 13, 2022, when transfer transactions were pegged at a fee of 68 gwei or 2.97 US dollars per transaction.

2. Bitcoin Down, MicroStrategy Bought Another 301 BTC!

Based on the recent filing of Form 8-K with the Securities and Exchange Commission (SEC), MicroStrategy has officially added a total of 301 bitcoins to its balance sheet.

Between August 2, 2022 – September 19, 2022, MicroStrategy spent approximately $6 million of the company’s excess cash funds to buy Bitcoin (BTC) at an average price of around $19,851 per coin. Eventually, this purchase brought the total amount of Bitcoin held by the company and its subsidiaries to 130,000 BTC. According to a statement from the company’s co-founder and executive chairman, Michael Saylor.

3. Finally, Colorado Residents Can Now Use Bitcoin to Pay Taxes!

The state of Colorado in the United States through its state Department of Revenue is now offering tax payments using crypto assets although it currently only applies to personal payments.

Reporting from Cointelegraph on Wednesday (9/21/2022), Colorado Governor Jared Polis last Monday announced that the option of paying taxes using crypto is already available on the Colorado Department of Revenue website where taxes can be paid through the Paypal Cryptocurrency Hub.

4. Iran Officially Launches Central Bank Digital Currency (CBDC)

Believe it or not, Iran will soon have its own digital currency. Iran’s central bank, CBI said it would start rolling out “crypto-rials” as digital currencies on Thursday local time.

CBI explained the purpose of designing the digital money, namely to turn paper money into programmable entities. The features offered are high security, including a design that makes crypto-rials easily traceable even when the phone is hacked, quoted Otaghiranonline, Thursday (22/9/2022).

The page says Iran’s digital currency is not designed to compete with global cryptocurrencies. It’s not like bitcoin or any other crypto. Crypto-rials are centralized central bank digital currencies (CBDCs). It is non-anonymous and complies with anti-money laundering requirements.

5. BTC Dominance Begins to Fall Off, Signs of Altseason Coming Soon?

Recently, some crypto investors have been looking for indicators as a guide to buying and selling assets in the crypto market to make a profit in the midst of sluggish market conditions. Apparently, one of the indicators shows that crypto altcoins are experiencing a profitable altcoin season.

As of September 19, 2022, 69% of the top 50 crypto assets have outperformed Bitcoin (BTC) in the last 90 days. The Blockchain Data Center said that means an altseason is underway.

For information, altcoin season is the phase when altcoins beat BTC in terms of profitability in the crypto asset market. However, this does not guarantee a profit because the market is still quite volatile. However, the crypto altseason provides a golden opportunity for retail investors to diversify their portfolios.

That wraps up for Crypto This Week. We’ll see you at the next one!

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